Short Interest in InMode Ltd. (NASDAQ:INMD) Declines By 8.2%

InMode Ltd. (NASDAQ:INMD) was the recipient of a significant decline in short interest in November. As of November 30th, there was short interest totalling 5,910,000 shares, a decline of 8.2% from the November 15th total of 6,440,000 shares. Based on an average daily volume of 1,160,000 shares, the short-interest ratio is presently 5.1 days.

InMode Price Performance

NASDAQ INMD opened at $17.97 on Tuesday. The business’s fifty day moving average is $18.14 and its 200-day moving average is $17.48. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 9.71 and a beta of 2.07. InMode has a one year low of $14.87 and a one year high of $26.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in InMode during the second quarter valued at about $417,000. Means Investment CO. Inc. purchased a new position in shares of InMode in the second quarter valued at $285,000. Summit Global Investments bought a new stake in shares of InMode during the 2nd quarter valued at $579,000. North Growth Management Ltd. boosted its stake in InMode by 11.9% in the 2nd quarter. North Growth Management Ltd. now owns 593,000 shares of the healthcare company’s stock worth $10,821,000 after purchasing an additional 63,000 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in InMode by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 279,082 shares of the healthcare company’s stock worth $5,090,000 after purchasing an additional 31,549 shares during the period. Institutional investors own 68.04% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on INMD. BTIG Research started coverage on InMode in a report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday, October 31st. Finally, Barclays dropped their price objective on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $22.60.

InMode Company Profile

InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally. The company offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures.